EDGEWOOD, Ky. -- A much needed boost may be coming to the struggling housing market.
The Senate is proposing a $6,500 credit for repeat home buyers.
This is in addition to expanding the tax credit for first-time home buyers.
Bob and Sally Schaffer have just celebrated their 35th wedding anniversary. Half of those years have been spent in their Edgewood home on Village Drive raising their four children.
Now, as they are becoming empty nesters, they are looking to sell their home and downsize to a condo.
"His weekends are tied up with getting the grass and vacuuming the pool and we want to have more time for ourselves,” she said. “We're ready,"
First they need a buyer – and some help maybe on the way.
In Washington, D.C. this Wednesday, Senators agreed to extend the popular tax credit for first time-home buyers.
Plus they are offering a $6,500 tax credit for those who have owned their homes for at least five years.
"It was one sale and out. We didn't get the residual sale, so market is still tough, still slow. Real estate has always been driven by supply and demand. We've had the supply. We just haven't had the demand," said Kent Dailey, ReMax broker.
For the last five months, the Schaffers have had their four bedroom house on the market.
They hope the tax credit will lead to the one buyer they need.
"I've got the St. Joseph statue buried and we say the prayer every day that I'm supposed to – and keep our fingers crossed that someone will come along and say, ‘This is the house for me,’" said Schaffer.
The repeat tax credit would be available to homebuyers who are under contract by April. They must close by the end of June.
The House still needs to approve the bill.
